DUBAI: Dubai-based developer DAMAC Properties has purchased land in Dubai for 1.26 billion dirhams ($343.1 million), it said in a statement on Thursday.

The plots, located on the eastern and western sides of Sheikh Zayed Road close to the emirate's Dubai Canal project, will add around 4 million square feet to the company's land bank, the statement said.

The land was purchased through the company's subsidiary, DAMAC Properties Development, it added.